Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 40 points at the opening bell.
Overseas, most Asian stocks were traded higher on Wednesday following developments on the U.S.-China trade front.
US stocks closed higher Tuesday on upbeat quarterly reports from Coca-Cola and United Technologies and on optimism the United States would resolve its trade conflict with China.
Talks between China and the U.S. would start Monday as U.S. negotiators headed to China, as per reports. The U.S. delegation will be led by Trade Representative Robert Lighthizer and will be in China through Wednesday. The world's two largest economies have been locked in a trade war that has seen 25% tariffs imposed by President Donald Trump on $200 billion of Chinese products. China has retaliated with their own tariffs prompting fears of a global economic slowdown.
In Europe, Boris Johnson was named the new British prime minister and his tenure, set to begin on Wednesday will have a huge impact across global markets and the geopolitical landscape. All eyes will be on his Brexit strategy and the composition of his cabinet.
The International Monetary Fund (IMF) said in its World Economic Outlook report that the global economy is expected to expand by 3.2% in 2019, down 0.1 percentage points from its April forecast and 0.3 percentage points below the estimate at the start of the year. The IMF cited concerns about the ongoing U.S.-China trade war and noted that global technology supply chains were threatened by the prospect of U.S. sanctions, Brexit-related uncertainty continued, and rising geopolitical tensions roiled energy prices.
Meanwhile, the IMF also projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3% for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2% reflecting a weaker-than expected outlook for domestic demand.
Back home,key equity benchmarks ended with modest losses on Tuesday, extending their slide into the fourth straight session, amid heavy selling by foreign institutional investors. The Sensex settled below 38,000 mark. The Sensex fell 48.39 points or 0.13% to settle at 37,982.74. The Nifty 50 index fell 15.15 points or 0.13% to settle at 11,331.05.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 2607.97 crore yesterday, 23 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2625.10 crore yesterday, 23 July 2019, as per provisional data.
Among corporate news,Hindustan Unilever (HUL) said that the company's company's consolidated net profit rose 14.5% to Rs 1792 crore on 6.13% increase in total income to Rs 10516 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
Larsen & Toubro (L&T) said that consolidated profit after tax (PAT) from continuing operations rose 20.5% to Rs 1361 crore on 10% growth in consolidated gross revenue to Rs 29636 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
L&T won new orders worth Rs 3800 crore at the group level in Q1 June 2019, registering a growth of 11%. Consolidated order book of the group stood at Rs 294014 crore as at 30 June 2019, with international order book constituting 21% of the total order book.
Zee Entertainment Enterprises said that the company's consolidated net profit rose 62.56% to Rs 530.57 crore on 15.96% increase in total income to Rs 2114.33 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
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